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  "authorName": "David Einhorn",
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  "notes": "The slide features a screenshot of a Grant's Interest Rate Observer newsletter cover, used to frame a critique of the publication's brand name in the context of modern monetary policy.",
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      "text": "Today, in parts of the world, rates are zero or even negative, which makes the title “Grant’s Interest Rate Observer” a paradox.",
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      "text": "Jim, thank you for inviting me back. Though I have been a paid up subscriber for decades, I am now quite worried about your franchise. You see, a number of years ago, I heard you quip that bonds constitute “return-free risk”, but back then they still had some yield. Today, in parts of the world, rates are zero or even negative, which makes the title “Grant’s Interest Rate Observer” a paradox. How do you observe interest rates when they have ceased to exist? You may have to re-think your brand.",
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